CPA Kim Walker: ‘We Can’t Be Afraid of Diving into Marijuana’

Cannabis field at sunsetThe learning curve is steep, but can be worthwhile.

By Liz Gold

Kim Walker came into the cannabis industry by what she describes as happenstance. Walker, who has 35 years of public accounting experience and runs her own small practice in Las Vegas, said it was her wealthiest business clients who brought her into this niche. They came to her with new licenses to start growing medical marijuana and were jumping in fast because of the potential for profitability.

MORE ON CANNABIZ: Cannabiz CPA: Dani Espinda Chooses Option Number Three | Jordan Cornelius: Guiding Cannabiz Clients through Minefields | Wayne Harding: From Tech Boom to Cannabis Boom | America’s New Breed of Cannabis CPAs [VIDEO] | The Rise of a Cannabiz CPA | What’s a Cannabiz Worth? Ask a CPA.
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Once they obtained the licenses however, the question remained: Now what?
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Cannabiz CPA: Dani Espinda Chooses Option Number Three

Espinda

Building out a cannabis practice with a spin-off entity called ACT Resources.

By Liz Gold

Cannabis CPAs who are entering this booming industry usually need to figure out how to structure their practice: Do they focus exclusively on cannabusinesses? Just create a new niche industry practice and hope their clients won’t raise eyebrows? Or, create a separate entity within an already established firm?

GoProCPA.comMORE CANNABIZ for PRO MEMBERS: Jordan Cornelius: Guiding Cannabiz Clients through Minefields | A CPA’s Unexpected Journey into the Cannabis Industry | The Two Crippling Compliance Issues for Cannabis Industry | Wayne Harding: From Tech Boom to Cannabis Boom | Billion-Dollar Questions: Cannabis FAQ for Accountants | Ready or Not: CPA Firms Find New Opportunity in Booming Cannabis Industry | America’s New Breed of Cannabis CPAs [VIDEO] | Pioneering Cannabiz CPA Warns: Tread Softly | IRS Section 280E & Marijuana: Tax Limbo or Hell? | The Rise of a Cannabiz CPA | CPA Cannabiz BoomThe Wild World of Weed: Tax Season Never Ends | What’s a Cannabiz Worth? Ask a CPA.

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For Rhodes & Associates, the third option made the most sense.

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Jordan Cornelius: Guiding Cannabiz Clients through Minefields

    Cornelius: "I’ve seen operators get angry, cry, put their businesses up for sale."

Archaic laws and regulations plague booming new industry.

By Liz Gold

The two biggest challenges facing businesses following the green rush in Colorado today?

Taxes and banking.

GoProCPA.comMORE CANNABIZ for PRO MEMBERSA CPA’s Unexpected Journey into the Cannabis Industry  |  The Two Crippling Compliance Issues for Cannabis IndustryWayne Harding: From Tech Boom to Cannabis Boom   |  Billion-Dollar Questions: Cannabis FAQ for Accountants   |  Ready or Not: CPA Firms Find New Opportunity in Booming Cannabis Industry  |  America’s New Breed of Cannabis CPAs [VIDEO]  |  Pioneering Cannabiz CPA Warns: Tread Softly  |  IRS Section 280E & Marijuana: Tax Limbo or Hell?  |  The Rise of a Cannabiz CPA  |  CPA Cannabiz Boom  | The Wild World of Weed: Tax Season Never Ends |  What’s a Cannabiz Worth? Ask a CPA.

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When operators first get into the industry, everybody is looking at the top line and are not too concerned with taxes, says Jordan Cornelius, owner of Cornelius CPAs in Denver, Colorado.

“It’s a problem, taxes are a huge deal,” he says.

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